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Abstract

Equity crowdfunding is a potentially important, but contentious, means of facilitating access to finance for young businesses. Some countries have regulated crowdfunding such that it is legal; however, regulators in North America continue to debate frameworks that balance investor protection with facilitating access to capital. Based on the JOBS Act, the Securities Exchange Commission released proposed rules on equity crowdfunding for public comment, but they have not yet been implemented. This study seeks to further inform this debate by reporting an analysis of four Europe-based, internationally-operated, equity crowdfunding portals: Companisto (Germany), Crowdcube (UK), Invesdor (Finland), and FundedbyMe (Sweden).